ArcLight closes Renewable Infrastructure Continuation Fund
ArcLight Capital Partners (ArcLight) has held the successful closing of the ArcLight Renewable Infrastructure Fund SM SPV, its first continuation fund.
ArcLight has also announced the fund's contemporaneous acquisition of a 25 per cent interest in the 192MW Sidney Murray Hydroelectric Project (Sidney Murray) from ArcLight Energy Partners Fund V (Fund V).
Fund V originally acquired an interest in Sidney Murray in 2011 and aggregated a larger position through a series of subsequent acquisitions. The balance of Sidney Murray is owned by affiliates of Brookfield.
"Sidney Murray is a world-class, baseload renewable energy resource selling power under long-term contracts to investment grade counterparties," says Dan Revers, Founding Partner of ArcLight. "ArcLight is excited to continue to work to optimise the project for the benefit of all stakeholders."
Since inception in 2001, ArcLight has invested over USD4 billion of equity capital in 16 renewable infrastructure platforms – including Great River Hydro, Leeward Renewable Energy, Terra-Gen, and CPV Wind – employing wind, solar, hydroelectric, geothermal and biomass technologies. The closing of the Fund furthers ArcLight's track record of delivering realised returns in clean energy assets that are re-shaping domestic power markets and meeting the ESG goals of ArcLight's constituents. The Fund also represents an important step in ArcLight's broader strategy within the energy transition landscape, where it seeks to deliver flexible capital solutions informed by deep domain experience to the growing opportunity set in this market.
The Fund is anchored by affiliates of GCM Grosvenor and HarbourVest and includes continued investment from certain existing Fund V limited partners.
Evercore and TD Securities USA served as financial advisors to ArcLight. Latham & Watkins LLP and Ropes & Gray LLP served as counsel to ArcLight.